benjaminfabi
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Hi, Off the top of my head: * Access to capital? Pretty sure Octopus Choice is unrestricted with no minimum term. * How interest is paid, ie as an income or as a reinvestment and is there a choice * Minimum deposit amount. * Diversificati…
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@ruthiebusybee the RIY can be lower. RIY is a calculation to show what the fees would be worth if they'd been invested. If the client had kept the cash used for fees and the invested portfolio had fallen, they're better off than if the f…
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Thanks Richard, I reached the same conclusion re a clause in the will. messy and flawed. Although IHT is spared through spousal transfer, what if there is no such clause or it is revoked/changed for some reason and the FIB ends up falling into a …
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Great thanks Richard.
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This is a common practice for discounting charges when there is a single fund class with a flat AMC for all investors. Bonus units effectively replace 0.52% of the 1% charge. This is how Royal London's Pension Portfolio operates, although it does…
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As for a pension, the investor can't make a claim to the FSCS in respect of the fund within an offshore bond defaulting on its obligation to investors, because the investor doesn't own the assets. It's further complicated with tax residency of the …
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> @Nath said: > Good question Aron. I have a feeling it will be 'Sally is an adventurous investor, therefore, fixed interest pension does not match ATR' Agree.
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Looks like a lot to go on in that. Quickly skimming through, I'd be thinking about: * BTL property, funding and the taxation and offset of mortgage payments for a HRT, therefore ownership considerations (plus usual pros and cons). * those corp…
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Excellent, Theresa. Great initiative. Thanks
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Hi Colin The original situation ends up with BCE1 funds designated into FAD of £1.05m, after the payment of the LTA charge. At age 75, the relevant BCE is BCE5a: Where a member reaches age 75 with a drawdown pension fund or flexi-access dra…
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Correct. You don't own the assets, the trustees do.
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Depends on the type of sipp and who the claim is against. A pension investor in an insured scheme doesn't own the investments, only a right to the value of them, and has no fscs protection from default of any underlying investment fund manager …
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I used Brand (via a JV with Expert Pensions at the time randomly) and it was very useful. Loads of good pointers on the basics that always crop up and can get you 30 marks in the bag.
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Hi Andy What have you been using up to now? I'm not aware of a free online RIY calculator, but it's not too difficult to work it out yourself from a projection. If I shared anything it was a MiFID RIY calculator, which is a bit different, alth…
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Why not take it as part of the 5% deferred amount? Also, the original loan is a return of capital. It is income only to the extent that there is a chargeable event on the segments. And if you take a partial within all segments' 5% then there is no c…
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Well I think that definitely would fall into the anti avoidance trap, so I wouldn't recommend it.
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Hi, You're correct that an employer payment of £66k would result in excess and a TAA tax charge. You can't work out as individual years because it's a single employer contribution, tested in 2018/19. Seems perverse but that's how it works. (At le…
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Also, don't forget that each payment is a transfer of value for IHT purposes and if there aren't any exemptions available each payment is a PET!
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That's a bad question. You're right, the answer is £0. But as he can't pay £1,000 gross into her pension I'll assume it's £1,000 going in and she'd get £250pm RAS.
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I love a good bond surrender calculations. Especially complex ones! Will you trust the figures you've been given?
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Hargreaves Lansdown to the rescue https://www.hl.co.uk/retirement/preparing/tax-matters/emergency-calculator
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Parmenion is correct, but you should be putting the aggregated summary of their disclosure into your ex post report. It's still your disclosure, even if you have 'outsourced' the calculations to the platform. I'm not sure I agree that the majo…
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@AndyRichards is that in house compliance? Sounds like they should have a read of the esma Q&A document in this fca press release last week https://www.fca.org.uk/publications/multi-firm-reviews/mifid-ii-costs-and-charges-disclosures-review…
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You can't take more than 25% of the available LTA as a pcls. The provider should have a process that flags this before it happens. Anything over the LTA is an excess lump sum and paid net of the 55%/25% charge. For the £150k excess, this c…
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Sorry @arongunningham I don't understand your first statement. You can't produce an illustration of ex-post: it's reporting known figures. That table is the aggregated charges disclosure. It's synonymous with the effect of charges. The individual…
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Technically there should be a separate 'effect' figure for each plan, but it didn't fit in the width and using one figure removes the anomoly where you are taking high fees from the GIA. I don't mix clients though ie one table for each client and jo…
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Interesting. To be fair my experience of FE customer service when dealing with a support query isn't great. But they do tend to sort out the issue, so it's perhaps the communication link that is weak.
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Giving the client the illustration is providing them with the information? As I said, aggregate the provider's numbers (where they contain all the cost elements) into your report and provide them with the illustration. Unless you think your calcu…
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I like @richardgough idea of asking what the biggest loss they ever had was and how they felt. Then what happened? Did they stay invested and see it recover or did they bail? This should help you put a number on the tolerance aspect of risk. However…
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Hi @AndyRichards Yes. I do this for several clients when they have everything coming out of the platform. You just have to check that the illustrations include all the costs and you can aggregate the figures into a table in your report. If you…